Ceylinco Life pays Rs. 3 billion in claims and benefits in 2011

Life insurance leader Ceylinco Life has paid Rs. 3 billion in claims, maturing benefits and other benefits in the year ended 31 December 2011.

According to latest figures disclosed by the company, over 95 per cent of intimated death claims were settled during the year, maintaining Ceylinco Life’s record as the best in settlement of claims in Sri Lanka’s life insurance sector.

Of the total of 15,564 claims settled by the company between 1 January and 31 December 2011, 14,336 were in respect of medical claims, while the death claims settled by the company during the year numbered 1,228.

Of the total of Rs. 3 billion paid out, Rs. 421 million was in relation to claims, the company said.

Only 66 claims were outstanding at the end of the year, and of these nearly 60 per cent were received during the final weeks of 2011, the company said. All of these claims had been settled by 20 January 2012.

 “Our policy is to settle any valid claim within a 30-day period of receiving one,” Ceylinco Life’s Managing Director and CEO R. Renganathan said.

“Speedy and hassle-free settlement of claims has become a hallmark of Ceylinco Life, and this is borne out by statistics.”

Of the medical claims paid by the company during 2011, Hospital Cash Benefits of Rs. 47 million, paid to 13,416 policyholders, accounted for the largest number. This represented an increase of 6.8 per cent in value terms from the Rs. 44 million paid as settlement of Hospital Cash Benefits in 2010.

Besides Hospital Cash benefits, Ceylinco Life paid Rs. 59 million to policyholders in respect of major surgeries, Family Digasiri, partial disability and permanent disability.

Independently rated as one of Sri Lanka’s most valuable brands, Ceylinco Insurance operates the largest branch network in Sri Lanka’s life insurance industry, and has been the country’s leading life insurer for the past seven years.